Japan, US affirm close cooperation on currency moves

Japan and the U.S. reaffirmed their close cooperation in dealing with exchange rate moves, including on currency intervention, Japanese Finance Minister Satsuki Katayama told reporters after a meeting in Tokyo with her U.S. counterpart, Scott Bessent, on Tuesday.



Katayama said the two sides discussed market developments and confirmed that Japan was responding to currency moves in line with a joint statement signed with the U.S. last September, which allowed for foreign exchange intervention to combat excessive market volatility.



"We agreed that we are coordinating extremely well on recent market moves, including exchange rates," Katayama told a news conference.



"Given current circumstances, we strongly confirmed anew the need to continue coordinating closely on market moves," she said when asked whether Bessent made any remarks on recent suspected currency intervention by Japan to support the yen.



When asked whether "close coordination" meant Washington could take the initiative in addressing sharp yen falls, Katayama said: "We engaged in discussions on deepening our coordination on various fronts."



Katayama declined to comment when asked if the Bank of Japan's monetary policy was discussed at the meeting.